The Building BITE

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Chief Economist for the Associated General Contractors of America (AGC), Ken Simonson. Throughout the episode, Ken dives into AGC’s latest U.S. Construction Outlook and addresses hot topics in today’s climate, including the labor force, supply chain issues, and materials. Ken dives into several compelling statistics throughout the episode, including what GCs can do to help find and retain talent when bid prices are still lagging input costs by almost 20% (17.5) on the Producer Price Index. Another segment addresses Federal work increasing by 37% due to the new Infrastructure Bill, and an industry outlook as a result. Ken leaves us with three takeaways stemming from his report. 1. If you’re optimistic, you’re in the right frame of mind. It appears there will be quite a pickup in non-residential construction work and continuing activity on multifamily. 2. Expect a lot of volatility in prices. With that, it’s essential to be nimble about when to buy and how to bid. 3. Be prepared for a long-term scramble to find workers you need to retain and the ones you want. Retaining and attracting top talent is undoubtedly a big takeaway. Ken leaves our listeners with his recommended action item, to invest in making your workforce nimbler and more aware of doing the job. It starts with the CEO ensuring that the workforce is more aware of other ways of doing business, being safer, and helping workers feel most comfortable and enthusiastic about doing their job in the first place. To learn more about Ken’s latest construction report, listen to our full podcast episode with Ken Simonson.